10701 Parkridge Blvd, Reston, VA, 20191-4427, US

Parkridge III

Asset description

Jones Lang LaSalle Americas, Inc. ("JLL"), as exclusive representative for Owner, is pleased to present this opportunity to purchase Parkridge III (the "Property"), a 107,544 RSF Class A office building located at 10701 Parkridge Boulevard in Reston, Virginia. The Property is currently 66% leased to 6 tenants with over 90% of the building's rentable area expiring by year end 2027.

Located directly off the Dulles Toll Road and within Parkridge Business Park, the Property - with over $4.0 MM in recent capital spend - has consistently outpaced its submarket, due to its amenitization and accessibility. However, should investors no longer look to effectuate a value-add, office centric business plan, the Property's current occupancy, expiration schedule, and site area (7.2 acres) may be more conducive to non-office uses medium to long-term. Accordingly, Parkridge III will be highly attractive and sought after investment opportunity given its strong in-place cash flow and business plan optionality on a go-forward basis.

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Attributes

Land area net

7.2 acres

Year built

1987

Rentable area

107,544 sf

Floors

Occupancy

66%

Parking spaces

411

Media

Investment highlights

Recently Repositioned 107,544 RSF Class A Office Asset
66% Leased to 6 Tenants - 90% of RBA Will Expire Within the Next Three Years; Change of Use Could be Explored Via a Formal Rezoning Process
$4.0MM+ In Capital Has Been Spent on Improvements Since 2014 - Recent Renovations Include Repositioned Lobby, Common Areas, and Restrooms
Outstanding Accessibility Via the Dulles Toll Road; Five Miles from Dulles International Airport
Amenity-Rich Location; 4.4 Million SF of Nearby Mixed-Use Development in the Pipeline
At the Intersection of Federal Spending & Big Tech; Amazon, Microsoft, & Google Continue to Expand Along the Dulles Toll Road
Free and Clear of Existing Debt